Investment Scams Compounding Nigeria’s Economic Woes—EFCC

April 27, 2021
edcc

By Adedapo Adesanya

The Economic and Financial Crimes Commission (EFCC) has promised to prosecute those promoting fraudulent investments schemes.

The agency said it was taking this action because the activities of those involved in investment scams were affecting the nation’s economy.

It, therefore, warned members of the general public not to fall into the trap of Ponzi scheme operators as well as those promising them irrational returns for investing in cryptocurrencies, forex trading, among others.

In a statement issued on Monday by its spokesman in Abuja, Mr Wilson Uwujaren, the commission said Nigerians must be careful of any investment that “looks too good to be true” and “should be considered a red flag.”

The body said, “Though risk-taking is considered by some as the oxygen that drives investment decisions, the commission wishes to warn the public against taking an unmitigated risk in desperation to earn a windfall.

“Investment in Bitcoin, for instance, is a high-risk activity as the terrain is largely unregulated and prone to fraud.”

Mr Uwujaren noted that the EFCC was alarmed at the rate Nigerians send petitions to the agency on fraudulent investments that promise a high return with little risk to investors.

According to the statement, Nigerians are losing, money to Ponzi schemes, forex trading, and most recently bitcoin trading, compounding the nation’s economic woes.

The spokesperson said the trend indicates that investment scams continue to thrive despite the enforcement and public enlightenment interventions by the commission and other stakeholders.

“The EFCC wishes to state that, while it will continue to investigate and prosecute persons complicit in fraudulent investment schemes, it is incumbent on the investing public to be circumspect in their investment decisions.”

“Nigerians are by this notice, warned to be wary of fraudulent schemes and are hereby enjoined to resist the temptation of quick gain that could end in misery.

“Those who ignore this advisory, do so at their own risks,” he concluded.

Adedapo Adesanya

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

Leave a Reply

NASD Exchange bullish
Previous Story

NASD Exchange Sheds 1.15% Amidst Gains from NGX, Afriland

Nigerian Stocks
Next Story

Nigerian Stocks Open Week With 0.04% Marginal Gain

Latest from Economy

Don't Miss